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Key Macroeconomic Indicators for Base Metal Prices (2017-6-5)
Jun 5,2017 09:37CST
price review forecast
Source:SMM
The LMCI in the US for May, US durable goods orders in April and factory orders will be released today.

SHANGHAI, Jun. 5 (SMM) – The LMCI in the US for May, US durable goods orders in April and factory orders will be released today. Besides, Markit’s final service and composite PMI for US and Europe in May and Caixin’s service PMI for China in May will also be eyed. Weakening non-farm employment in the US helped base metals and crude oil rise. Base metals diverged and such trend will continue today.

The weak non-farm employment in the US in May did not undermine market expectations of a Fed rate hike in June. But if the LMCI in the US for May falls as expected, the US dollar will be weighed down.

Markit’s final service and composite PMI for US and Europe has been rising from September 2016. This, combined with other economic indicators, presages strengthening economic in the eurozone. This also triggered debate within the European Central Bank whether it should tightened monetary policy.

US durable goods orders fell for 3 months on end. Markit’s manufacturing PMI in the US dropped for 4 months in a row. If US durable goods orders weaken in April, the US dollar will be weighed down.

 

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